Barbados looking to strengthen ties with South Korea
Barbados is looking to negotiate a Double Taxation Agreement (DTA) with South Korea.
The DTA was a key talking point recently, when Ambassador-Designate of the Republic of Korea to Barbados, Doo-Young Lee paid a courtesy call to Minister of Foreign Affairs and Foreign Trade, Senator Maxine McClean.
Acknowledging the excellent working relations between the two countries, in particular Korea’s support for training, McClean said: “We have been working to keep it that way. We obviously depend on our bilateral trading partners to cooperate with us.”
She revealed Barbados was still awaiting a response from South Korea regarding whether the negotiation of a Tax Information Exchange Agreement was necessary, given that Barbados intended to sign the Multilateral Convention on Mutual Administrative Assistance in Tax Matters, of which South Korea was already a party.
“…You are party to that convention and therefore we would need to determine if we sign that convention, if that should substitute having to negotiate a separate tax information agreement. Because, I think if we are both parties to that convention then that perhaps suffices. But if it isn’t, then we would want to know so that we can take whatever action to do the necessary to follow through,” McClean said.
Ambassador Doo-Young Lee gave the assurance that his country was committed to discussing this, as well as other areas of cooperation such as film and arts, sports, computer science, language training and cultural exchanges.
“I think cultural exchanges are very important especially when you note that Korea has produced wonderful movies,” he said, while disclosing that Korea intended to have a Movie Festival here in December.
While encouraging the Minister and a delegation to visit his country for the 5th High-Level Forum on Korea-Caribbean Partnership in October of this year, he urged Barbados’ support of South Korea’s candidature of the Intergovernmental Panel on Climate Change, assuring her that he would work to support developing countries.